Shares of Vizio Holding (NYSE: VZIO), one of the largest TV brands in the U.S., jumped this week on news that Walmart (NYSE: WMT) would acquire the company in a $2.3 billion deal.

Vizio has historically been the largest TV brand sold at Walmart and was the second-largest seller of flat-screen TVs in the U.S. as of 2020.

In the announcement on Tuesday, Walmart said it would acquire Vizio for $11.50 a share, or approximately $2.3 billion. The stock surged last week after The Wall Street Journal reported that the two parties were in talks for a deal, but it got another bump after the news became official.

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Source Fool.com